Rome

Fiat third-quarter results lower expected in 2012

Company says it will develop plants in Italy

Fiat third-quarter results lower expected in 2012

Rome, October 30 - Italian automaker Fiat announced its third-quarter results on Tuesday with a revised production volume for 2014, lowering the original 6 million vehicle target to 4.6 - 4.8 million. The company said in the third-quarter results that it has sold over one million vehicles, an 11% increase compared to the same period in 2011, but adjusted expected earnings for the year, down from 104 billion euros to somewhere between 94 to 98 billion euros. The carmaker said that net debt rose in the third quarter by 1.26 billion euros to 6.69 billion euros. The Milan stock market reacted negatively to third-quarter results with Fiat shares dropping 4%. Squelching widespread claims that the carmaker was neglecting its homeland, the company said that numerous works are planned to develop their plants throughout the country over the next 24 to 36 months. In September, Fiat told the government that it would remain in Italy but could not invest in plants or products as previously announced until the market was right. The company, whose sales have been in decline amid a shrinking European automotive market and an ongoing recession in Italy, has been criticized for revising plans to invest around 20 billion euros in Italy over a five-year period. However, the company said that 17 new models will be produced in factories throughout Italy between 2013 and 2016, and that it will keep its four Italian plants operating. Three new models are scheduled for 2013, six for 2014, five in 2015 and three in 2016, according to the company. The models scheduled for 2013 are the Alfa 4C - to be produced in Modena - and two new models for Maserati, to be made in Grugliasco, a town in the southwestern periphery of Turin. The Milan stock market reacted negatively to third-quarter results with Fiat shares dropping 4%.

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